Margaret, a married taxpayer filing a joint return, engaged in two business activities this year. Business A earned $420,000 of profit. Business B incurred a loss of $(995,000). Required: How much of Margaret's net business loss is not currently deductible? Note: Negative amount should be entered with a minus sign. Margaret's excess business loss not currently deductible
Margaret, a married taxpayer filing a joint return, engaged in two business activities this year. Business A earned $420,000 of profit. Business B incurred a loss of $(995,000). Required: How much of Margaret's net business loss is not currently deductible? Note: Negative amount should be entered with a minus sign. Margaret's excess business loss not currently deductible
Chapter15: Taxing Business Income
Section: Chapter Questions
Problem 34P
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Transcribed Image Text:Margaret, a married taxpayer filing a joint return, engaged in two business activities this year. Business A earned $420,000 of profit.
Business B incurred a loss of $(995,000).
Required:
How much of Margaret's net business loss is not currently deductible?
Note: Negative amount should be entered with a minus sign.
Margaret's excess business loss not currently deductible
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